TheChek News Flow

Allianz M/P LV confirms in talks, £500m investment for Allianz

Aviva +1% H1 Op Profit 1465m, 1.4% ahead of cons, Life/P&C beating

Arkema -1% CS DOWNGRADE to NEUTRAL (Valuation)

AXA +1-2% H1 Underlying earnings 5% ahead, all areas look ahead

Beiersdorf +1% Op profit 561m vs cons 564m, was hit by Cyber attack

Bic -2-3% Cuts FY sales growth target to 3-4% from mid single digit

BMW +2-3% Q2 EBIT 5% beat, revs inline, guidance up slightly

Bucher +1-2% Orders 5% ahead, EBIT slightly ahead

Cobham +2-3% H1 sales £1bn vs cons £925m, pretax £69.5m vs cons 62.3m

ConvaTec -2-3% Numbers slightly light and management change

Credit Ag +2% Adj Net a 25% beat vs cons, lower costs and CoR

Deut Tel +1-2% Q2 Rev EU 18.9bln est EU 18.7bln. Raises FY EBITDA target

Duerr -3-4% Q2 sales €859.9m vs cons €874.4m, FY rev guidance inline

Eni -1-2% CS DOWNGRADE to NEUTRAL (Valuation)

Esure Group +1-2% H1 Adjusted Pretax inline, dividend better

Evonik M/P Q2 adj EBITDA inline, Op cash flow slightly light

Fraport -1-2% EBITDA a small beat €282.7m vs cons €279.8m

GAM Holding +1-2% AuM CHf131.3b (cons 130.6b), net inflows ahead

Inmarsat -1-2% 2Q REV. $356.0M est $346.0M, weaker maritime

LSE -1% adj op profit £408m cons 398, had a good run

Merck KGaA UNCH Q2 Sales EU 3.89b est EU 3.91b, Cuts FY net sales forecast

Mondi -1% EBIT 497m Cons 500m, guidance inline

Miners +0.5% Copper -0.25%, Brent -0.10%, Iron Ore +1.30%, China +0.50%

Next +3-5% Total sales 0.7% vs our -1.7% & cons -2.8%, retail poor

Neste -3% 5% EBIT miss and 9% miss at net income vs cons

ProSieben R 2Q adj EBITDA EU270M est EU266.8M

Post Italy M/P H1 broadly inline with market expectations

Randgold +3% Production 5% ahead of CS, top line also 5% ahead

Repsol -1-2% CS DOWNGRADE to UNDERPERFORM (Valuation)

Rhienmetall +4-5% H1 sales inline, op profit 7% beat, raises guidance

Serco +1-2% Tax rate better and pipeline looking good

Siemens -1-2% Q3 sales 4% miss, business profit 5% miss, margin light

Tenaris UNCH Q2 EBITDA 213m, Cons 213m, Guidance mixed across regions

TGS +1-2% Revs slightly light but EBIT 7% above consensus

Unicredit +3-5% Pre provision profit 9% beat, guidance strong

Yoox +1-2% Solid 1H results, FX only cloud, short interest >20%

MainFirst Pre Mkt Indications
*CREDIT AG-Q2 Net 1.35b(1.02),107m gain from Eurazeo sale,CET1 +ve...+1%

*FRAPORT-H1 Rev 1.36b(1.33),Ebitda 420m(414),FFT passengers up.......-0.5%

*MERCK-Q2 Net 3.89b(3.91),Ebitda 1.09b(1.1),EPS 1.54(1.56)...........-0.5%

*EVONIK-Q2 Ebit 429m(422.6),Ebitda 635m(626),NI 289m(262.3)..........+0.5%

*SIEMENS-Q3 Sales 21.4b(21.8),IPO H/Care H1-18,Kaeser ext to '21.....-1%

*DTE-Q2 Ebitda 5.94b(5.81),Rev 18.9b(18.7),FY Adj Ebitda 22.3b.......+1%

*UNICREDIT-Q2 NI 945m(587.4),NII 2.65b(2.58),Rev 4.86b(4.68).........+2%

*TGS-Q2 Rev 108m(118.2),Ebit 18m(15.2),Div 15c,Guidance unch.........-2%

*AXA-H1 Net 3.27b(3.15),SR 201%,P&C Rev 21b,L&S Rev 31.1b............+1%

*YOOX-H1 Rev 1b(1.02),Ebitda 98m(90),Net 38m(41),Short Int 36.8%.....+3%

*POST ITALIANE-H1 Rev €18.02b(17.71),NI €510m(507.5),SI 7.4%.........+2%

*BIC-Adj Ebit 138m(132),OG 3.9%,Cuts FY Sales Growth,citing Brazil...-2%

*STADA-Q2 576.9m,Ebitda 129.2m,Net 60.8m,Confirms FY f/casts.........-0.5%

*RHEINMETALL-Auto Sales 726.5m(728),Def 729.7m(731),Ebit 84m(76).....+3%

*DUERR-Q2 Sales 859.9m(874.4),Ebit 56.5m(65),FY outlook light........-5%

*ALLIANZ-Said to buy stake in LV(49%),would value LV at £1bln........-0.5%

*BMW-Q2 Sales 25.8b(26.05),Ebit 2.93b(2.87),Auto Margin 9.7%(9.4)....+1%

*TENARIS-Q2 NI 73m(43.7),Sales 1.24b(1.21),EPS 6C(4),Op Inc 51m(42)..+1%

*BUCHER-H1 Sales 1.3b(1.29),Ebit 115m(111),Ebit 1-off 5m,FY ok.......+1%

*ADIDAS-Q2 finals out,prelim figs released 27/7,FY o/lk raised.......U/C

*GAM-H1 NNM 6.4b(4.6),NP 58.7m(54.7),AUM 131.9b,FICC Fees +ve........+2%

*MORPHOSYS-Q2 Rev 11.7m(11.9),OP -15.4m(-19),NI -16.1m(-18)..........+1%

*NORDEX-Ord intake 572m(541),Sales 853m(836),Ebitda 117.5m(66).......+5%

*BEIERSDORF-H1 Sales 3.51b(3.57),Ebit 561m(562.5),NI 388m(393).......-1%

*PRO7-Q2 Ebitda 270m(266.8),Sales 962m(956.8),Confirms f/c for FY....+1.5%

*DIC ASSET-Raises FY f/c,H1 FFO 29.8m,sees FFO €59m-€61m............+1.5%

*R/KLIN-H1 Rev 598.4m,Ebitda 50.2m,still see FY Rev 1.2b-1.23b.......-0.5%

RBC PRE-MKT INDICATIONS
ACCOR/IHG  +1% Positive read from WYNDHAM announcment & US RevPar data.

ADIDAS      0% Have pre-announced but full Q2 earnings inline with that thus far

AMERISUR   -2% Prod. suspended in Colombia due to Peace Process implementation

ANTOFAGASTA 0% CEO  positive on Copper price, Q2 production last week

AXA        +1% H1 net ahead, preparing for IPO of US business

BEIERSDORF -1% H1 sales inline, EBITA and net both a touch light.

BMW        +1% Q2 earnings a tad better, sales inline and legal settled.

COBHAM     +2% H1 revenue beat and confirming FY guidance

CREDIT AG. +1% Q2 net ahead due to low tax rate, lower loan loss charges.

DT. TEL    +2% Q2 beat and raisig guidance due to strong US biz & Germany.

ESURE      +2% H1'17 results beat, dividend ahead of expectations, FY unch.

EVONIK     +2% Q2 EBIT a toudh ahead of expecatations, net income ahead.

FRAPORT    +2% Q2 EBITDA ahead, net profit better, Passengers +5% v +4% previous

GAM        +1% H1 operating income inline, margins ahead, AUM 131.3 v 130.6 exp

LSE        +1% H1 earnings ahead, LCH minorities limit EPS upgrades

MERCK      -1% Q2 sales light  and cutting FY sales guidance.

NEXT       +2% Q2 retail sales -7.4% v -6.7% expected, Directory better though

RANDGOLD   +2% Q2 sales ahead and positive on outlook

RICHEMONT  +1% Positive read from YOOX earnings.

RHEINMETAL +3% H1 operating earnings ahead, FY organic sales growth beats.

SERCO       0% H1 results EBITDA inline and FY guidance maintained.

SIEMENS    -2% Q3 miss, orders light, Industrial Profit 3% miss -Healthcare IPO.

TGS        -2% Q2 revenues miss and EBIT 2% miss versus consensus.

UNICREDIT  +5% Q2 net operating profit 19% beat to consensus and capital beat

YOOX       +2% Strong H1 revenues, org. Growth beat and margins ahead

BMW: Q2 EBIT €2.93bn-BETTER, sales €25.8bn-IN LINE, settles SKF legal dispute, reits FY17 mrgn tgts

UNICREDIT: #s GOOD - net well ahead, CET1 better vs f/c, NPL's down ... called +2% to +3%

CREDIT AGRICOLE: #s decent beat, IB ahead + retail better ... called +2%

NATIXIS should be better after our upgrade too ... call them +1%

DIC ASSET: BEATS & RAISE - significant rise in FFO at mid-yr and UPS FY f/c

AXA: 1H net BETTER at €3.27bn, revs €54.283bn, readies IPO of US biz ... called +1%

YOOX NET A PORTER: SOLID #s - sales in line, BIG mrgn beat, another robusy performance ... should be +2% to +3%

SIEMENS: Q3 net BEAT, sales/orders MISS, but reits o/lk, Healthcare IPO 1H18

PROSIEBEN: 2Q sales and Adj EBITDA slight beat, confirming FY guidance

*ADIDAS-Q2 numbers confirmed, pre announced and raised guidance last wk.....+1% *ALLIANZ-set to buy stake in LV= insurance, cld value co. at £1bn(Sky)......+1%

*AXA-H1 net 4% beat vs cons, on track for cost savings target...............+1%

*BIC-H1 reported, cut FY sales gth est to 3%-4% from mid-single digit.......-3%

*BMW-Q2 ebit 1.5% beat, seems to be no meaningful guidance change...........+1%

*BEIERSDORF-H1 sales look small miss,ebit in line,comment to follow.........-1% *CONTI-results due *CREDIT AG-Q2 big beat but lots of one offs, looks priced in................-1% *DIC ASSET-reports H1 and raise FY FFO forecast.............................+1%

*DTEL-Q2 small beat,€400m BT impairment,sml raise f/casts(in line w/cons)...+2%

*EVONIK-Q2 beat across board, confirms FY f/casts...........................+2%

*FERROVIAL-said to rule out bid for ABERTIS(U/C) -Cinco Dias................+1%

*FRAPORT-H1 rev & ebitda beat,raises FY passenger f/casts (5% vs 2-4% prev).+2%

*GAM-H1 net inflows Chf1.9bn................................................+2%

*IDORSIA-H1 released, only listed in June so s/b no surprises...............U/C

*MERCK-Q2 sales/eps small miss, cuts FY net sales est by c1.5% on FX........-2%

*NORDEX-H1 beat, strong momentum in Q2, reits guidance .....................+4% *POSTE ITALIA-H1 sales and net inc look top end (limited range of ests).....+2%

*PRO7-Q2 sales/ebitda small beat confirms o/look(digital offset weaker TV)..+1% *RHEINMETALL-reports H1, raise FY organic sales est to 6% from 4-5%.........+3%

*SIEMENS-Q3 sales/profit sml miss, healthcare IPO in 2018 (had been rmrd)...-2%

*STADA-H1 released, confirms FY, nothing really to note.....................U/C

*UNICRDIT-Q2 net huge beat,NII more modest,transformational plans on track..+3%

*YOOX-H1 ebitda 8% beat, Q2 organic sales +20% vs +19% in Q1................+1%

* Due later/after close: BPER BANCA, CMAPARI, IAG(Traffic)